topic Re: In with Penfed in Credit Cards

In with Penfed

imhotepng — Sun, 18 Mar 2012 12:29:25 GMT

After reading the good things about Penfed on this forum, I decided to join via the voices for America's troops membership. At the same time, I apped for their platinum rewards card and got an automatic approval! This completes my card profile for the nearest foreseeable future. To the garden I go!

Re: In with Penfed

LS2982 — Sun, 18 Mar 2012 12:37:32 GMT

@imhotepng wrote:
After reading the good things about Penfed on this forum, I decided to join via the voices for America's troops membership. At the same time, I apped for their platinum rewards card and got an automatic approval! This completes my card profile for the nearest foreseeable future. To the garden I go!

Congrats!!!!

Re: In with Penfed

Repo-ed — Sun, 18 Mar 2012 12:51:13 GMT

@imhotepng wrote:
After reading the good things about Penfed on this forum, I decided to join via the voices for America's troops membership.

Please explain this?!

Do you not live in PA? This is an org you can join, that is accepted by PENFED?

Re: In with Penfed

RyVision — Sun, 18 Mar 2012 12:55:14 GMT

@Repo-ed wrote:
@imhotepng wrote:
After reading the good things about Penfed on this forum, I decided to join via the voices for America's troops membership.

Please explain this?!

Do you not live in PA? This is an org you can join, that is accepted by PENFED?

If you aren't military or retired military or somehow connected or otherwise able to join, Pentagon Federal lets you join after you join that organization. It's on PenFed's webpage I think on how to join that way, it's a one time membership fee.

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 12:57:06 GMT

You can join one of two organizations to be eligible for membership if you do not have military affiliation. Check the Penfed website.

Re: In with Penfed

Repo-ed — Sun, 18 Mar 2012 13:47:20 GMT

My fault. For some reason I thought this was PSECU.

Re: In with Penfed

LS2982 — Sun, 18 Mar 2012 13:56:30 GMT

@Repo-ed wrote:
My fault. For some reason I thought this was PSECU.

It was worth a try!!!!

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 13:58:33 GMT

I thought you might have meant PSECU but didn't want to pretend to read minds.

Re: In with Penfed

Repo-ed — Sun, 18 Mar 2012 14:09:17 GMT

Nope. You were right

Re: In with Penfed

haulingthescoreup — Sun, 18 Mar 2012 16:11:54 GMT

I thought PenFed meant Pennsylvania when I first joined, and that was before the PSECU bit came along. Easy mistake to make!

Congrats on the card, OP.

Re: In with Penfed

Open123 — Sun, 18 Mar 2012 16:13:58 GMT

Congrats!

This is a card I'd like to get in the future. No annual fee, 5% on gas, 3% supermarkets, 1% on everything else with NO forex fee and $250 sign-up bonus. Currently, is there a better cashback card out there?

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 16:31:56 GMT

This is the Platinum Rewards not Cash. I already have enough cash back cards hence my only looking for a points card for now. The points allocation is just as you described and am looking forward to the 5000 points for the first purchase and 20000 points after $1000 in three months. I am going to love this card!

Re: In with Penfed

Open123 — Sun, 18 Mar 2012 16:35:04 GMT

@imhotepng wrote:
This is the Platinum Rewards not Cash. I already have enough cash back cards hence my only looking for a points card for now. The points allocation is just as you described and am looking forward to the 5000 points for the first purchase and 20000 points after $1000 in three months. I am going to love this card!

It's the blue one, right?

This card is definitely on my list, especially it solves the no fee + no forex fee card issue.

Re: In with Penfed

jefftca925 — Sun, 18 Mar 2012 16:41:28 GMT

Congrats OP!! What kind of limit did they give you? I'm new to the CU world and a few days ago opened a checking/savings account with Patelco (my brother has been with them for quite a while) and decided to refi my auto loan with them and got a CC card. The rates are the best around (Auto 2.0%/VISA 8.15%). The whole process was sooooo easy! And the personal service you get from them is awesome!

Soooo... this morning after reading some threads about Penfed I decided to open a share account with them. Did the online app, got approved, and called CS to find out about the rest of the process, setting up external account access (for transfering $$), and about the credit pull. They do pull a report (I think EQ) and it is good for 60 days. The CSR was really nice (considering having to work on a SUNDAY!!) and told me if I wanted to apply for a CC/loan I could do it now. The Platinum Rewards VISA seemed like a great card ($250 back after $1000 in purchases in the first 3 months, no FTF, 5% CB on gas!!) so I went for it...BAM!! $13k limit!! Gotta love it! I'm cancelling a few cards this year (AFs coming due or just not using) so this will be a good replacement.

Thanks guys for all of the great advice you give here!

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 16:43:37 GMT

Yes it's the blue one.

Re: In with Penfed

Open123 — Sun, 18 Mar 2012 16:46:50 GMT

@imhotepng wrote:
Yes it's the blue one.

Are you required to have a deposit account? Or, can anyone just make a donation to join, then get the card?

I'm not familiar with their rewards system. How does it look so far?

Thanks!

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 16:51:48 GMT

Congrats to you too! I am still slack jawed with the limit I got which was $19k. I am seriously considering transferring my auto loan to them. That's a nice portfolio of cards in your signature!

Re: In with Penfed

imhotepng — Sun, 18 Mar 2012 17:04:46 GMT

You will have to open a share (savings) account with a minimum of five dollars. My rudimentary calculation indicates 100 points equals a dollar so @ 5 points per dollar on gas, you get 350 points which is $3.50 when redeemed. This is the same amount you get with the cash back card. CAVEAT: My initial ratio is based off their card benefits rate which says the 20000 bonus points equals $200 worth of rewards. This should be confirmed with PenFed CSR before usage.....

Re: In with Penfed

jefftca925 — Sun, 18 Mar 2012 17:20:07 GMT

imhotepng wrote:
Congrats to you too! I am still slack jawed with the limit I got which was $19k. I am seriously considering transferring my auto loan to them. That's a nice portfolio of cards in your signature!
Thanks OP! If your loan rate is higher than what they can offer you I'd do it. I kept my term to what I still had left to pay and my payments dropped a little. The process was really easy... compared to getting a freaking mortgage!!

Re: In with Penfed

Guava — Sun, 18 Mar 2012 21:31:29 GMT

Sorry, sneaking a question in, do you have to be a member to be able to apply for their credit card?